1 week ago
Ghatkopar Exporter Booked Over Alleged Rs 6.43 Crore Guarantee
A company wanted permission to export sugar from India to the United States.
It gave an agency a bank guarantee worth Rs6.43 crore as part of its application.
The company won permission to export 8,584 metric tonnes of sugar.
APEDA says the company did not complete the export and later tried to cancel the quota.
When APEDA asked the bank to use the guarantee, the bank said it had never issued it.
Police are investigating whether the document was forged.
The company had said sugar prices fell and a US buyer cancelled an agreement after tariffs increased.
The company also approached the Bombay High Court over APEDA’s decision, but the petition had not been listed for hearing according to the FIR.
Pantnagar police registered an FIR against Make India Impex proprietor Rajesh Tulsidas Nakhua over an alleged forged Rs6.43 crore bank guarantee.
The guarantee was submitted to APEDA during a bid for a US sugar export quota.
Make India Impex was awarded permission to export 8,584 metric tonnes of sugar but allegedly did not complete the export.
APEDA said Bank of Maharashtra’s Badlapur branch denied issuing the guarantee and found no matching record.
Nakhua sought cancellation or an extension after citing falling sugar prices and a cancelled US buyer agreement; the investigation is ongoing.
- Who
- Pantnagar police named Rajesh Tulsidas Nakhua, proprietor of Make India Impex; APEDA Deputy General Manager Prashant Pramod Waghmare filed the complaint.
- What
- An FIR was registered over the alleged submission of a forged Rs6.43 crore bank guarantee to obtain a US sugar export quota.
- Where
- The company is based in Ghatkopar East, Mumbai; the complaint was filed at Pantnagar police station.
- When
- The bid was submitted in October 2024; the bank allegedly rejected the guarantee on August 21, 2025, after related quota events.
- Why
- APEDA said the guarantee was allegedly forged after Bank of Maharashtra’s Badlapur branch denied issuing it; the company had sought quota cancellation or an extension after its export plans failed.
APEDA and Police Allegation
Exporter’s Explanation
Validity of bank guarantee
APEDA and Police Allegation
APEDA says the guarantee submitted by Make India Impex was forged because Bank of Maharashtra’s Badlapur branch denied issuing it and found no matching record.
Exporter’s Explanation
The article reports the company submitted the document as an original guarantee, but it does not provide a public response from the company specifically addressing the forgery allegation.
Failure to export sugar
APEDA and Police Allegation
APEDA says Make India Impex did not submit the required export report, had not applied for a Certificate of Quota Eligibility, and failed to carry out the approved export.
Exporter’s Explanation
Nakhua reportedly said sugar prices had sharply fallen and a US buyer cancelled an agreement after an increase in US tariffs.
Quota cancellation and guarantee action
APEDA and Police Allegation
APEDA rejected the request to cancel the quota and return the guarantee, then decided to cancel the allocation certificate and invoke the guarantee.
Exporter’s Explanation
The company sought more time to find another US buyer and approached the Bombay High Court for a stay and an extension of the quota period.
Key facts
- Accused
- Rajesh Tulsidas Nakhua, proprietor of Make India Impex
- Alleged guarantee
- Rs6.43 crore, purportedly issued by Bank of Maharashtra’s Badlapur branch
- Export quota
- 8,584 metric tonnes of sugar for the United States
- Tender award
- APEDA issued a Registration-cum-Allocation Certificate on November 8, 2024
- Quota period
- November 2024 to September 2025
- Bank response
- On August 21, 2025, the branch allegedly said it had not issued the guarantee and had no such record
- Investigation status
- Pantnagar police registered a case under relevant Bharatiya Nyaya Sanhita provisions; investigation is underway
Sources
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